Bitcoin is at the beginning of a huge bull run, and the peak will be reached in December 2021. At least, if it were up to the well-known analyst Willy Woo.
Bitcoin is warming up
Woo is known for his analyses in which he compares data from the blockchain with the bitcoin rate. In the tweet below he shows the Relative Strength Index (RSI), but based on data from the blockchain.
Woo sees many similarities with the data in early 2017:
„The green circle indicates where we are in this macro cycle. This is the beginning of the big bull run (in case it is not yet clear),“ he says.
Woo continues: „Bitcoin’s on-chain Relative Strength Index is just warming up. The red verticals are the bitcoin halves, which provide a positive shock in supply“.
During the bitcoin halving, the reward for bitcoin miners is halved. This reward is at the same time the influx of new bitcoins on the market. Usually bitcoin peaks about a year and a half after a bitcoin halving. Or yes, most of the time, in 2020 the third halving only took place.
Woo was right
In July, Woo predicted that the bull Crypto Engine run would start in the fourth quarter of 2020 and run until 2021, something that has happened so far. Now he is proposing that this cycle will be over in about a year’s time.
„My choice would be December 2021. Just like last time, I have to sell to pay taxes,“ Woo responded to the question of when the next peak would be reached.
2021 will be the year of records
Woo is not the only one claiming that bitcoin could break records in 2021. Raoul Pal and Tyler Winklevoss both believe that bitcoin will reach a new peak in the first quarter of next year at the latest. Raoul Pal is CEO of Real Vision, and Winklevoss is co-founder of cryptocurrency fair Gemini.